Associated Bank completed a $28,350,000 loan to a joint venture of North Park Ventures and SNS Realty Group for development of a new transit-oriented residential development at 3233-47 North Sheffield Ave. in Chicago.
The loan included funds for acquisition of the former Tortenson Glass Co., which consists of nearly 30,000 square feet of urban infill land.
The five-story, 99-unit apartment building will offer 84 market-rate units and 15-affordable units. The unit mix will consist of four studios with an average of 500 square feet, 46 one-bedroom units with an average of 750 square feet, and 49 two-bedroom units with an average of 1,150 square feet. Resident amenities will include a club room with co-working space, wellness center with a sauna, fully amenitized rooftop deck with a dog run, and a bike room. There will be parking for 25 cars at the back of the site.
The new development will be on the east side of Sheffield between Belmont and School Streets, just steps from the Belmont Red/Purple/Brown Line L Station. Demolition of the existing structures will begin shortly with completion of the new building planned for 2027.
North Park Ventures (“NPV”) is a national private equity, vertically integrated real estate investment firm with property management, construction, leasing and asset management in-house. SNS Realty Group focuses on residential development with a portfolio of completed projects in the greater Chicago area including numerous multi-family condominiums, townhomes, mixed-used developments and single-family homes.
Daniel Barrins, a senior vice president with Associated Bank’s Commercial Real Estate division in Chicago, managed the loan arrangements and closing. This is the first loan Associated Bank has provided to North Park Ventures and SNS Realty Group.
